Dogwifhat's Price Surges as Open Interest Falls
Dogwifhats (WIF) sees a 17% price rise and a 52% increase in trading volume. Learn about the drop in open interest and social sentiment.
Highlights:
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On August 20, Dogwifhats' price rose 17% to $1.61, with a $1.6 billion cap.
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Daily trading volume surged 52% to $370 million, despite a 54.5% drop in open interest.
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Social sentiment remains negative, contrasting with the recent price increase and bullish funding rates.

Dogwifhat (WIF) has displayed contrasting market signals. On August 20, WIF’s price surged by 17%, reaching $1.61, and its market cap crossed the $1.6 billion threshold.
This price spike coincided with a notable increase in daily trading volume, which jumped by 52% to $370 million. Despite these positive signs, other metrics suggest a more cautious outlook for the token.
Drop in Open Interest and Funding Rates
According to Santiment, the total open interest in Dogwifhat has plunged by 54.5% over the past month. It fell from $328 million to $149 million, indicating a significant decline in trader interest.

Open interest reflects the number of outstanding contracts and can signal shifts in market confidence. The steep drop suggests that traders might be pulling back or reallocating their investments.
Meanwhile, the total funding rates for WIF are currently around 0.006%. This low rate points to some bullish sentiment among traders, who may be optimistic about further price increases.
Social Sentiment and Market Impact
Despite the price surge, Dogwifhat’s social volume has been largely negative. The weighted sentiment surrounding WIF is currently below zero, suggesting that the broader public perception of the token is not as positive as the price movements might indicate.
This disparity between market metrics and social sentiment highlights the complex dynamics at play for Dogwifhat. While Dogwifhat has shown impressive price performance and increased trading volume recently, the substantial drop in open interest and negative social sentiment present a mixed picture.
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